Though seemingly coming from nowhere for many, the themes behind the Reddit-fueled r/Wallstreetbets pump of GameStop (NYSE:GME) feel familiar. Watching it unfold, I tried to figure out just why it had captured my interest to such a degree, and, to me, it was a spillover into the traditional markets of some pervasive themes driving crypto.
Despite some competition in the narrative, I view the motivating force — and by it, I mean the social media-fueled spread of the message that drew enough widespread interest to have an impact in the market — behind the GME pump as analogous with what, at one point, was an impetus behind Bitcoin (BTC). It is a driver for (depending on your level of cynicism) the crypto markets more broadly and the decentralized finance movement — a desire for the “democratization of finance.” Behind that movement is the view that finance and financial products should be open-sourced, accessible to all, as opposed to hinging on whether you are an accredited (read: high-net-worth) or an institutional player.